"Yet, despite those bailouts, in 2013, the national debt will grow by 7.5 percent — above its 7 percent historical growth rate. If sequestration over the coming decade is cancelled and/or if inflation strikes, forcing interest rates to spike, and if the low growth assumptions going forward prove correct, by 2042, debt to GDP could rise to be as high as 189 percent, if not higher.

"Until the economy starts growing faster than the debt, we are skidding down a slippery slope to certain insolvency."

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